In the first half of 2023, a record number of real estate purchase and sale contracts were recorded in Cyprus.
Analyzing data on the total number of sales contracts from January to the end of June 2023, provided by the Cyprus Land Registration Department, it becomes clear that the Cyprus property market is experiencing its most active period since 2008 in 2023.
In the first six months of 2023, 7,689 real estate purchase and sale transactions were registered. This figure exceeds the results of the first half of 2022 (6263) by 22.8%.
Based on the data provided, the first six months of 2023 have become the most successful in the last 15 years in terms of the number of transactions in the Cyprus real estate market.
According to a report from the Central Bank of Cyprus, house prices in the country continue to rise in all regions, year-on-year.
Experts say that one of the reasons is the increased demand for Cypriot real estate associated with the relocation of foreign companies to Cyprus.
According to the Cyprus Ministry of Energy, Trade and Industry, more than a thousand foreign companies have relocated their headquarters and employees to Cyprus in 2022.
Most companies that have opened their headquarters in Cyprus are concentrated in Limassol and Paphos. Lately there has also been increased activity in Larnaca, which is expanding its potential for foreign investors and entrepreneurs.
In summary, Paphos recorded a significant increase of 10.4%, Limassol showed a significant increase of 7.1%, Larnaca saw a 3.3% increase in property prices and Nicosia showed a moderate increase of 2.9%.
Rising prices for rental properties in Cyprus.
Prices for rental property in Cyprus are also growing rapidly. Over the year, rental prices for apartments and houses in Cyprus increased from 4 to 31%.
Price increases are expected to continue in the coming months.
In terms of investment, the rental property sector in Cyprus continues to be one of the most profitable.
Compared to the first quarter of 2022, rental prices increased in the first quarter of 2023:
Apartments +29%
Home +28%
Offices +14%
Warehouse +4.5%
Commercial real estate in the retail sector +4%
The property market in Cyprus continues to grow, creating excellent opportunities for investors.
The constant demand for property in Cyprus, both from local residents and from foreign buyers and investors, is driving up prices and potential returns on investment.
Buying property in Cyprus can be a profitable move, providing a stable income and building assets for the long term.
Olga Gorobets | Research & Negotiations Dpt.
Danos | International Property Consultants & Valuers
